Asprey Signs Deal On U.S. Flagship Store With Donald J. Trump.

Business Editors

NEW YORK--(BUSINESS WIRE)--April 1, 2002

In one of the largest retail lease transactions in the history of Fifth Avenue, Asprey, the authentic British luxury lifestyle company has signed a long term lease with Donald J. Trump for the entire corner, ground, second and third floors of Trump Tower, located at Fifth Avenue and 56th Street. In addition to the existing 9,000 square feet of space that Asprey currently leases, they have now acquired an additional 19,000 square feet adjacent to the current site - amassing a total of 28,000 square feet. This space is to become the new US flagship home of the brand when it opens in Fall 2003.

The new retail space will be designed by renowned architect Sir Norman Foster and the leading English interior designer David Mlinaric - the duo behind the renovation of the flagship store in London due to open in Fall 2003.

Said Lawrence Stroll, co-chairman of Asprey, "We are thrilled to have signed this agreement which will secure the development of our second flagship store. The position of our London store, in Bond Street, has been and will be key in the building of the image of the brand and we have replicated this by acquiring the best corner of Fifth Avenue, for our New York store. It will be one of the most prestigious and largest sites for a luxury goods house anywhere in the world."

"Asprey is one of the finest luxury stores in the world," stated Donald Trump, "and I am honored and delighted that they have chosen Trump Tower for their very ambitious and exciting plans. I look forward to continuing my long and happy relationship with them for many years to come."

US CEO, Philip Warner said, "Opportunities to secure retail sites of this size and importance are rare. We are especially pleased to have forged this deal which marks the first significant step for the development of the Asprey brand in the United States." Asprey & Garrard announced in September 2001 that following a strategic review it would demerge the two brands to create two separate and distinctive luxury houses. The split will occur the end of April 2002. Each brand will then implement aggressive and creative marketing plans aimed at developing each as leaders in the global luxury market.

The two Houses have long and independent histories apart - Asprey was founded 220 years ago and Garrard over 270 years ago. Both enjoy three Royal Warrants - from Queen Elizabeth the Queen Mother, Queen Elizabeth II and the Prince of Wales. For over 150 years Garrard has been serving as Crown Jeweller and its craftsmen and jewelry experts have created and maintained this most potent symbol of the Royal Family.

Notes to Editors:

Each brand will build on its unique and distinctive heritage and introduce creative new products. Asprey will epitomize the Ultimate Authentic British Luxury Lifestyle through a complete transition of the brand. The new Asprey will define British luxury lifestyle by introducing an innovative approach to all elements of prestige products. In addition to the timeless pieces of jewelry, silverware and leather for which Asprey is renowned, Asprey will become an authentic and complete luxury lifestyle brand by expanding its product portfolio to include watches, writing instruments, homeware and ready-to-wear, shoes and fashion accessories. To ensure the consistency of the Asprey brand in developing luxury lifestyle products with a distinctly British flair, all products will be designed and developed internally by a talented team of designers.

Asprey's store in London's New Bond Street will also be completely renovated for Fall 2003 and expanded to 20,000 sq feet, also under the direction of Foster and Mlinaric. Over the next five years 12 stores will be opened in the major capitals of the world expanding to a network of up to 40 stores within the next 10 years.

ASPREY & GARRARD GROUP - KEY FACTS

Asprey & Garrard Group Worldwide CEO Gianluca Brozzetti is a former President of Louis Vuitton in Paris with over 15 years of international experience in luxury goods.

Asprey & Garrard is co-chaired by Lawrence Stroll and Silas Chou.

Fiscal year ending March 2001, Asprey & Garrard Group registered consolidated revenues of over (pound)50 Million ($70 million), operating two major stores in London and New York, a showroom in Beverly Hills, and a Corporate and an Export Division.

Total number of staff includes 280 people, of which 70 are in the world-renowned London workshops for jewelry silver, leather goods and watches & clocks.

www.Asprey-Garrard.com